Birmingham City in financial trouble?

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fbloke

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<a class="postlink" href="http://www.dailymail.co.uk/sport/football/article-1266141/Bankers-control-Birmingham-unpaid-2-2m-fee-Carson-Yeungs-advisers.html" onclick="window.open(this.href);return false;">http://www.dailymail.co.uk/sport/footba ... isers.html</a><br /><br />-- Thu Apr 15, 2010 10:24 am --<br /><br />Bankers take control of Birmingham over unpaid £2.2m fee to Carson Yeung's advisers
By SPORTSMAIL REPORTER
Last updated at 10:12 AM on 15th April 2010
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Birmingham City have effectively fallen under the control of investment bank Seymour Pierce because of a disputed £2.2million bill, according to reports.
The bank run by Keith Harris won a High Court judgement against Blues' owner Carson Yeung's Grandtop investment company last month, when City announced their intention to appeal.

Super season: Christian Benitez (left) has been a highlight for Birmingham
Seymour Pierce claimed Yeung had agreed to pay them a £2.2m success fee when the Hong Kong businessman took advice on buying Birmingham in 2007.
Although Yeung later appointed other advisers and did not use Seymour Pierce for the takeover, the bank successfully argued it was still entitled to the fee.

New dawn: Yeung and his associates celebrate taking over at Birmingham last October
On Wednesday, lawyers working for Seymour Pierce obtained a charge over shares in Birmingham which prevented the club from paying a dividend or selling shares, reports the Daily Telegraph. Birmingham City are yet to comment.
Harris is often seen as the man to go to when buying clubs and is currently heading the high-profile 'Red Knights' bid to buy Manchester United.


Read more: <a class="postlink" href="http://www.dailymail.co.uk/sport/football/article-1266141/Bankers-control-Birmingham-unpaid-2-2m-fee-Carson-Yeungs-advisers.html#ixzz0l9wILBaI" onclick="window.open(this.href);return false;">http://www.dailymail.co.uk/sport/footba ... z0l9wILBaI</a>
 
I would never trust a man who wears a fur coat.........

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Doesn't sound like that they're in financial trouble to me - just that they don't feel they owe Seymour Pierce any money. Whether they're in the right or not is another matter.

It wouldn't surprise me if this is a case of Keith Harris looking at other means of securing extra cash for the Red Knight's takeover bid!!
 
I wouldn't say they are in financial trouble, more that they don't want to pay a bill as they believe it shouldn't be paid as Seymour Pierce weren't advisers when the deal went through.

Nothing to see here.
 
So the bank will take control of the Club on 27th May unless the matter is all sorted..... where does that leave Mr Harris and The Baron Knights?..... they are meant to be making a bid for the Rags at the end of the season, surely he will have a conflict of interests being the top bloke at the bank who may run Brum and being the lead singer of The Baron Knights. You can't run two teams, the Laws don't allow it.
 
This story, to me, indicates how Keith Harris sees football as a money making machine, and if he & the Red Knights do get control of the GAYs, it will be very much a case of out of the frying pan & into the fire when it comes to money leaking out of the club and into the investors pockets. Investors is the appropriate word here, as they are not looking for donations, and the investors will always be looking for a return on their money.

PMSL
 
fbloke said:
http://www.dailymail.co.uk/sport/football/article-1266141/Bankers-control-Birmingham-unpaid-2-2m-fee-Carson-Yeungs-advisers.html

-- Thu Apr 15, 2010 10:24 am --

Bankers take control of Birmingham over unpaid £2.2m fee to Carson Yeung's advisers
By SPORTSMAIL REPORTER
Last updated at 10:12 AM on 15th April 2010
Comments (0)
Add to My Stories

Birmingham City have effectively fallen under the control of investment bank Seymour Pierce because of a disputed £2.2million bill, according to reports.
The bank run by Keith Harris won a High Court judgement against Blues' owner Carson Yeung's Grandtop investment company last month, when City announced their intention to appeal.

Super season: Christian Benitez (left) has been a highlight for Birmingham
Seymour Pierce claimed Yeung had agreed to pay them a £2.2m success fee when the Hong Kong businessman took advice on buying Birmingham in 2007.
Although Yeung later appointed other advisers and did not use Seymour Pierce for the takeover, the bank successfully argued it was still entitled to the fee.

New dawn: Yeung and his associates celebrate taking over at Birmingham last October
On Wednesday, lawyers working for Seymour Pierce obtained a charge over shares in Birmingham which prevented the club from paying a dividend or selling shares, reports the Daily Telegraph. Birmingham City are yet to comment.
Harris is often seen as the man to go to when buying clubs and is currently heading the high-profile 'Red Knights' bid to buy Manchester United.


Read more: <a class="postlink" href="http://www.dailymail.co.uk/sport/football/article-1266141/Bankers-control-Birmingham-unpaid-2-2m-fee-Carson-Yeungs-advisers.html#ixzz0l9wILBaI" onclick="window.open(this.href);return false;">http://www.dailymail.co.uk/sport/footba ... z0l9wILBaI</a>
Click to expand...

But I thought these owners were supposed to he making millions available for transfers. And so I ask, WTF?
 
I heard over the weekend (I think it was on 5Live) that Leung was taking Sullivan and Gold to court about undisclosed debts which he was refusing to honour so maybe it has something to do with that....tell you the truth I don't really give a f$$k
 
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